Cancelled Standing Order too late!

vickin

Hello

I agreed with my landlord to change standing order date from 21st each month to the 25th. I cancelled my standing order on Friday as online banking said it had to be two days before. My inexperienced mind with banking thought this would be fine, no mention of working days. Standing order has been taken today leaving my account £500 overdrawn [only £100 agreed overdraft] as there were insufficient funds. Natwest ask for three working days notice to cancel standing orders, fair enough, my misunderstanding there.

I also had a direct debit due today for £12.

I agreed to pay my rent in cash on the 25th this month as I will have been paid. My question is, will the money bounce and return to my account? If so, when? Also, the direct debit is not showing on my statement. Will I be charged for this?

Can anyone advise what I should do? I've never missed any payments in my life or had problems with banking so very inexperienced.

Many thanks
Vic

Gromitt

Have you registered with Natwest's free overdraft control service? If so, the payment will be rejected, if not it will have been paid and you will be charged £6 for each day your account is beyond your overdraft limit.

Charges/T&Cs may differ depending on when you opened your account.

vickin

Gromitt wrote: »

Have you registered with Natwest's free overdraft control service? If so, the payment will be rejected, if not it will have been paid and you will be charged £6 for each day your account is beyond your overdraft limit.

Charges/T&Cs may differ depending on when you opened your account.

No I wasn't aware of this service. How do I go about setting that up? Stressing as I really need to pay cash on 25th, if it doesn't bounce I can't do that .

vickin

When will I know if SO bounced? Or would it be immediate if that was the case? What is the likelihood of the bank honouring the payment anyway? Sorry for 101 questions

stclair

Providing you pay in cleared funds by 14.30 tomorrow you will not be charged and the items will be paid.

vickin

stclair wrote: »

Providing you pay in cleared funds by 14.30 tomorrow you will not be charged and the items will be paid.

So as I don't want it to be paid as I need the cash for Thursday, if I don't pay cleared funds in the money will return to my account (- any charges?)

stclair

vickin wrote: »

So as I don't want it to be paid as I need the cash for Thursday, if I don't pay cleared funds in the money will return to my account (- any charges?)

If their is not enough funds the S/O will bounce. If you call lending tomorrow before 14.30 they might be able to cancel it for you and you will not incur any charges. However if they are not able to do so you will be charged accordingly.

Gromitt

Have a check on Natwest's website:
http://www.natwest.com/personal/current-accounts/g6/rates-charges.ashx

From that I'd say your going to be charged unless you can pay off the standing order by 2:30pm tomorrow.

Can't give you any more information as I don't know what account you have or when you opened it, so you'll have to check for yourself.